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Aspire Mining chairman demonstrates confidence in company with on-market share purchases

Aspire is developing the Ovoot Coking Coal Project in two stages with the second stage requiring the Erdenet to Ovoot rail extension.

Aspire Mining Ltd - Aspire Mining executive chairman demonstrates confidence in the company through on-market share purchase
Primary focus is on the Ovoot Early Development Project

Aspire Mining Ltd (ASX:AKM) executive chairman David Paull has demonstrated his confidence in the company with the purchase of shares in on-market transactions.

On May 27, May 28 and June 1 Paull acquired a total of 100,000 shares in an indirect interest, increasing the total number of securities held in that interest to 231,600 shares.

He also holds another 2,473,680 ordinary shares in another indirect interest.

Extension for railway pre-construction

In March Aspire received an 18-month extension through to September 18, 2021, to clear conditions precedent prior to the construction of the Erdenet to Ovoot railway in northern Mongolia.

This railway is considered critical infrastructure for the full-scale development of the company's Ovoot Coking Coal Project.

Early production plan

Aspire's primary focus remains on the Ovoot Early Development Project which is aimed at delivering early production from the project.

This includes the construction of a special-purpose haul road to deliver up to 4 million tonnes per annum from Ovoot to the existing railhead at Erdenet.

Rail discussions ongoing

In August 2015, Aspire's 80%-owned subsidiary Northern Railways LLC was awarded a 30-year concession to build, operate and transfer to the Mongolian Government the Erdenet to Ovoot Railway.

Northern Railways LLC along with its nominated EPC partners, China Gezhouba Group International Company Limited and China Railways 20 Bureau Group Corporation, completed a definitive feasibility study in March 2018 and are in discussions with the Mongolian Government regarding the preferred rail alignment.

While these discussions continue, the time frame to clear conditions precedent prior to the construction commencement of the railway has now been extended 18 months through to September 18, 2021.

Quick facts: Aspire Mining Ltd

Price: 0.085 AUD

ASX:AKM
Market: ASX
Market Cap: $43.15 m
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